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Social Networking Site IMVU Cleared To Move Forward With New Token By US Securities And Exchange Commission
Summary: The US Securities and Exchange Commission Division of Corporation Finance issued a no-action letter on Wednesday to social media company IMVU which plans to sell an in-house Etheruem-based token called VCOIN, according to a recent announcement. The note added that the Division of Corporation Finance will not recommend enforcement action to the commission in reliance on the ...
The US Securities and Exchange Commission Division of Corporation Finance issued a no-action letter on Wednesday to social media company IMVU which plans to sell an in-house Etheruem-based token called VCOIN, according to a recent announcement.
The note added that the Division of Corporation Finance will not recommend enforcement action to the commission in reliance on the company's opinion that VCOIN is not a security.
IMVU representatives from Perkins Coie wrote in a letter to the SEC that utilizing blockchain to create an Ethereum-based token will allow the platform to grow and create a digital asset which can hold value both on and off the IMVU platform.
By Emily Mason
Tags: Ethereum,IMVU,SEC,Social Networking Token,US SEC
Link: Social Networking Site IMVU Cleared To Move Forward With New Token By US Securities And Exchange Commission [Copy]
